We advised American Savings Bank on the transactions

Davis Polk advised American Savings Bank, F.S.B. (ASB) on separate transactions in which a diverse array of independent investors have each acquired non-controlling interests in ASB from Hawaiian Electric Industries, Inc. (HEI). The transactions represent 90.1% of ASB’s common stock, for an aggregate cash consideration of $405 million. All members of ASB’s executive team and its independent directors have committed to invest in ASB. HEI will retain a 9.9% non-controlling interest in ASB’s common stock, with no individual investor holding more than 9.9% of the stock. The sale of common stock closed on December 31, 2024.

ASB has been serving Hawaii’s businesses and communities since 1925 and provides a full range of financial products and services, including business and consumer banking, home loans, insurance and investments. ASB is one of Hawaii’s leading financial institutions offering easy and convenient online banking services and branch locations throughout the state with evening, weekend and holiday hours.

For more than 125 years, Hawaiian Electric Company has provided the energy that has helped drive the islands’ development from a kingdom to a modern state. Hawaiian Electric Company and its subsidiaries, Maui Electric Company and Hawaii Electric Light Company, serve 95% of the state’s 1.4 million residents on the islands of Oahu, Maui, Hawaii Island, Lanai and Molokai.

The financial institutions M&A team included partners Margaret E. Tahyar, Marc O. Williams and David L. Portilla and associates Justin Levine and Steven Jaffe. Partner Shane Tintle and associate David Li provided capital markets advice. Partner Kyoko Takahashi Lin and associate Justin Alexander Kasprisin provided executive compensation advice. Partner Corey M. Goodman provided tax advice. All members of the Davis Polk team are based in the New York office.

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